India's Tata Chemicals drops after reports of Tata Sons' listing unlikely

Indian Hotels

11/03/2024 06:38

** Shares of Tata Chemicals  TTCH.NS  down 9.5% at 1,191
rupees, following 36% rally last week after Spark Capital note
on potential IPO of Tata Sons     
    ** Spark Capital said only realistic way to get exposure to
potential value unlocking of Tata Sons stake is via TTCH 
    ** TTCH's 3% stake in the group could be worth ~80% of
TTCH's market cap      
    ** However, media reports say Tata Sons' listing looks
unlikely in foreseeable future
    ** Reports had pegged IPO size to likely be ~550 bln rupees
($6.65 bln)
    ** Other cos such as Tata Motors  TAMO.NS , Tata Power
 TTPW.NS  and Indian Hotels  IHTL.NS  with ownership in Tata
Sons decline between 1% and 3% 

($1 = 82.6850 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))